Abu Dhabi: The Minister of Solid Minerals Development, Dr. Dele Alake, has highlighted that the ongoing imposition of tariffs by the United States may serve as a fortuitous opportunity for African countries. This perspective was shared during the Fireside Chat session on Foreign Direct Investment, themed ‘The Alchemy of Foreign Direct Investment: Turning Policies into Prosperity for Emerging Global Markets,’ in Abu Dhabi, United Arab Emirates.
According to News Agency of Nigeria, Alake made these remarks as part of his contribution to the discussion on the impact of U.S. tariffs on Africa’s economic landscape. In a statement by his Special Assistant on Media, Segun Tomori, Alake emphasized the importance of African countries adopting an introspective approach by adjusting their domestic policies to prioritize intra-African trade over reliance on external forces.
Tomori further noted that Alake urged African nations to organize their economic imperatives to ensure a balanced trade and strengthen trade among African countries. The minister also addressed the issue of rare mineral resources being exported without value addition, advocating for a shift away from the traditional ‘pit-to-port’ model.
Alake invited interested investors to establish factories within Africa to add value to mineral resources and generate employment locally, rather than merely exporting raw wealth. His stance on safeguarding Africa’s mineral wealth has been embraced by several African countries, especially those that are mineral-rich, where he has served as the pioneering chairman of the African Minerals Strategic Group (AMSG).
The event was part of the 14th edition of the Annual Investment Meeting (AIM) Congress, which aims to promote international investment, support sustainable economic growth, encourage innovation, and foster partnerships between investors, governments, and businesses. The AIM provides a platform for discussing investment trends in sectors like the digital economy, future finance, and sustainable development.
The 14th edition of the AIM, held from April 7 to 9, carried the theme ‘Mapping the Future of Global Investment: The New Wave of a Globalised Investment Landscape – Towards a New Balanced World Structure’.